Hi there,
A remortgage is when you take out a new mortgage on a property that already has a mortgage. The second mortgage is then used to pay off the first one. Often, a remortgage is taken out as it offers better interest rates than the first mortgage. You can use our mortgage repayment tool as a remortgage calculator to get an idea of what potential payment terms might be, just follow the link at the bottom.
Many thanks,
Dan